NATIONAL BANK OF CANADA. NBC Barrier Booster Note Securities (no direct currency exposure; price return) Program
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1 This Pricing Supplement (the Pricing Supplement ) together with the short form base shelf prospectus dated July 3, 2018, as amended or supplemented (the Prospectus ) and the Prospectus Supplement thereto dated August 22, 2018 as amended or supplemented (the Prospectus Supplement ) to which it relates, and each document incorporated by reference into such prospectus constitutes a public offering of securities only in the jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities. No securities commission or similar regulatory authority has in any way passed upon the merits of securities offered hereunder and any representation to the contrary is an offence. The Note Securities to be issued hereunder have not been, and will not be, registered under the United States Securities Act of 1933, as amended and, subject to certain exemptions, may not be offered, sold or delivered, directly or indirectly, in the United States of America to or for the account or benefit of U.S. persons. Pricing Supplement No. BB6 dated April 1, 2019 (to the short form base shelf prospectus dated July 3, 2018, as supplemented by the Prospectus Supplement entitled NBC Barrier Booster Note Securities (no direct currency exposure; price return) Program dated August 22, 2018) NATIONAL BANK OF CANADA NBC Barrier Booster Note Securities (no direct currency exposure; price return) Program NBC Barrier Booster Note Securities (Maturity-Monitored Barrier) linked to the EURO STOXX 50 Index, due on October 24, 2024 (non principal protected note securities) Maximum Can$20,000,000 (200,000 Note Securities) No minimum amount of funds must be raised under this offering. This means that the Bank could complete this offering after raising only a small proportion of the offering amount set out above. This Pricing Supplement supplements the short form base shelf prospectus dated July 3, 2018 relating to $4,500,000,000 Medium Term Notes of the Bank, as amended or supplemented, and the Prospectus Supplement dated August 22, If the information in this Pricing Supplement differs from the information contained in the Prospectus and/or the Prospectus Supplement, you should rely on the information in this Pricing Supplement. Holders should carefully read this Pricing Supplement, the Prospectus Supplement and the accompanying Prospectus to fully understand the information relating to the terms of the Note Securities and other considerations that are important to Holders. All three documents contain information Holders should consider when making their investment decision. The information contained in this Pricing Supplement and the accompanying Prospectus and Prospectus Supplement is current only as of the date of each. The estimated initial value of the Note Securities as of the date of this Pricing Supplement is $90.16 per $100 of Principal Amount, which is less than the issue price. The estimated initial value is equal to 90.16% of the Principal Amount, being equivalent to a $1.79 annual discount over the term of the Note Securities. The actual value of the Note Securities at any time will reflect many factors, cannot be predicted with accuracy, and may be less than this amount. We describe our determination of the estimated initial value in more detail in the Prospectus. The Independent Dealer did not participate in the preparation of the estimated initial value for the Note Securities. See Description of the Note Securities Estimated Initial Value of Linked Note Securities in the Prospectus. The Note Securities differ from conventional debt and fixed income investments; repayment of the entire Principal Amount is not guaranteed. The Note Securities entail downside risk and are not designed to be alternatives to conventional debt or fixed income investments or money market instruments.
2 The Note Securities constitute direct, unsecured and unsubordinated debt obligations of the Bank ranking pari passu with all other present and future unsecured and unsubordinated indebtedness of the Bank. The Note Securities will not constitute deposits that are insured under the Canada Deposit Insurance Corporation Act or any other deposit insurance regime designed to ensure the payment of all or a portion of a deposit upon insolvency of the deposit taking institution. Amounts paid to Holders will depend on the performance of the Reference Portfolio. None of the Bank, its affiliates, the Dealers, or any other person or entity guarantees that Holders will receive an amount equal to their original investment in the Note Securities or guarantees that any return will be paid on the Note Securities at maturity. Since the Note Securities are not protected and the Principal Amount will be at risk (other than the minimum Maturity Redemption Payment of 1% of the Principal Amount), it is possible that Holders could lose some or substantially all of their original investment in the Note Securities. See Risk Factors in the Prospectus Supplement and the Prospectus. The Note Securities are not redeemable prior to maturity, except by the Bank pursuant to a Reimbursement Under Special Circumstances. See Description of the Note Securities Reimbursement Under Special Circumstances and Payment in the Prospectus. The Note Securities will not be listed on any securities exchange or quotation system. National Bank Financial Inc. intends to maintain, under normal market conditions, a daily secondary market for the Note Securities. National Bank Financial Inc. may stop maintaining a market for the Note Securities at any time without any prior notice to Holders. There can be no assurance that a secondary market will develop or, if one develops, that it will be liquid. Moreover, Holders selling their Note Securities prior to maturity may be subject to certain fees. See Secondary Market for the Note Securities in the Prospectus Supplement. The Reference Asset Return for the Reference Asset is a price return, and will not take into account dividends and/or distributions paid by the issuers or constituents of the Reference Asset. As of March 25, 2019, the dividends and/or distributions paid on account of all of the issuers or constituents of the Reference Asset in the Reference Portfolio represented an annual indicative yield of 3.89%, representing an aggregate yield of approximately 21.40% over the term of the Note Securities, assuming that the yield remains constant and the dividends and/or distributions are not reinvested. National Bank Financial Inc. is an indirect wholly-owned subsidiary of the Bank. As a result, the Bank is a related issuer and a connected issuer of National Bank Financial Inc. within the meaning of the securities legislation of certain provinces of Canada. See Plan of Distribution in the Prospectus Supplement and in the Prospectus. Issuer: Note Securities Offered: National Bank of Canada NBC Barrier Booster Note Securities (Maturity-Monitored Barrier) linked to the EURO STOXX 50 Index, due on October 24, 2024 Principal Amount: $100 Minimum Subscription: Barrier Booster type: Issuance Date: $1,000 (10 Note Securities) Maturity-Monitored Barrier April 24, 2019, subject to postponement in certain circumstances as described in the Prospectus Supplement and the Prospectus. Maturity Date: October 24,
3 Reference Portfolio: Reference Asset name Reference Asset ticker from Bloomberg Price Source Closing Level Reference Asset type Reference Asset Weight EURO STOXX 50 Index SX5E STOXX Limited Closing level Index % Moreover, the Note Securities constitute Index Linked Note Securities under the Prospectus. Initial Level: Currency: Maturity Redemption Payment: Closing Level on the Issuance Date. Canadian dollars The Maturity Redemption Payment per Note Security will be as follows: if the Reference Portfolio Return is equal to or higher than the Booster Threshold on the Valuation Date, the Maturity Redemption Payment will be equal to $100 x [1 + Booster Return + Variable Return]; or (iii) if the Reference Portfolio Return is lower than the Booster Threshold but equal to or higher than the Barrier on the Valuation Date, the Maturity Redemption Payment will be equal to $100; or if the Reference Portfolio Return is lower than the Booster Threshold and the Barrier on the Valuation Date, the Maturity Redemption Payment will be equal to $100 x [1 + Reference Portfolio Return]. Notwithstanding the foregoing, the Maturity Redemption Payment will be subject to a minimum of 1% of the Principal Amount. Variable Return: A percentage calculated as follows: where the Reference Portfolio Return on the Valuation Date is less than or equal to the Booster Return, the Variable Return will be equal to 0%; or where the Reference Portfolio Return on the Valuation Date is greater than the Booster Return, the Variable Return will be equal to the product of the Participation Factor and the amount by which the Reference Portfolio Return exceeds the Booster Return. Participation Factor: % Valuation Date: October 21, 2024, subject to postponement in certain circumstances as described in the Prospectus Supplement and the Prospectus. Booster Threshold: 0.00% Barrier: % Booster Return: 80.00% Selling commission: $4.00 per Note Security (4.00% of the Principal Amount of each Note Security sold)
4 Dealers: Independent Dealer Fee: Early Trading Charge: Eligibility for Investment: Credit Rating: Form of the Note Securities: Fundserv: Timely Information on the Note Securities: National Bank Financial Inc. and Desjardins Securities Inc. (the Dealers ). Desjardins Securities Inc. will act as Independent Dealer. The Dealers will act as agents in connection with the offering and sale of the Note Securities. Up to $0.15 per Note Security (up to 0.15% of the Principal Amount of each Note Security sold). $4.80 per Note Security, declining every 30 days by $0.40 to be $0.00 after 360 days from and including the Issuance Date. Eligible for RRSPs, RRIFs, RESPs, RDSPs, DPSPs and TFSAs. See Eligibility for Investment in the Prospectus. The Note Securities have not been rated by any rating agencies. The long-term senior debt obligations of the Bank that are not subject to Bail-In Conversion under the Bail- In Regulations (the Long-Term Non Bail-inable Senior Debt ) are, at the date of this Pricing Supplement, rated AA (low) by DBRS, A by S&P, Aa3 by Moody s and A+ by Fitch Ratings. There can be no assurance that, if the Note Securities were specifically rated by these agencies, they would have the same ratings as the Long- Term Non Bail-inable Senior Debt of the Bank. A credit rating is not a recommendation to buy, sell or hold investments, and may be subject to revision or withdrawal at any time by the relevant rating agency. The Note Securities will be issued as Uncertificated Note Securities. See Description of the Note Securities Form, Registration and Transfer of Note Securities in the Prospectus and Description of the Note Securities Form of Note Securities in the Prospectus Supplement. NBC25014 The Bank will seek to make available at certain information regarding the Note Securities. Such information is provided for information purposes only and will not be incorporated by reference into this Pricing Supplement. REFERENCE ASSET The following contains a brief description of the Reference Asset and tables illustrating the historical price performance and historical volatility of the Reference Asset. See Public Information Index Linked Note Securities in the Prospectus. All data and information below is sourced from Bloomberg and/or publicly available sources. This information is derived solely from publicly available information and none of the Bank, the Dealers or any of their respective affiliates makes any assurances, representations or warranties as to the accuracy, reliability or completeness of such information. EURO STOXX 50 Index The EURO STOXX 50 Index is a capitalization-weighted index consisting of the shares of 50 major European companies from 11 Eurozone countries: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain. The EURO STOXX 50 Index is licensed to financial institutions to serve as underlying for a wide range of investment products such as Exchange Traded Funds (ETF), Futures and Options and structured products worldwide
5 Further information about the EURO STOXX 50 Index and its constituent issuers is available from STOXX Limited on its website at and information from this website is not incorporated by reference into this Pricing Supplement. Historical Reference Asset Data The following table shows the calendar year and year-to-date ( YTD ) price performance of the Reference Asset which is included in the Reference Portfolio. The YTD price performance is as of March 25, Historical performance is not a guarantee of future performance. Each year is measured starting from the month of December of the previous year indicated. For example: the year 2018 below refers to the year as measured from December 31, 2017 to December 31, YTD EURO STOXX 50 Index 21.14% -5.81% % 13.79% 17.95% 1.20% 3.85% 0.70% 6.49% % 9.96% The following table shows the price performance of the Reference Asset included in the Reference Portfolio from the period beginning on March 25, 2009 and ending on March 25, The performance for periods that are less than one year is cumulative and is not annualized, and the performance for periods of one year or more is annualized. Historical performance is not a guarantee of future performance. 1 month 3 month 6 month 1 year 2 year 3 year 4 year 5 year 10 year EURO STOXX 50 Index 0.62% 10.99% -3.49% 0.07% -2.11% 3.39% -2.71% 1.28% 4.38% The following is a chart illustrating the historical 1-Year and 3-Month volatility of the Reference Asset from the period beginning on March 25, 2009 and ending on March 25, Historical volatility is not a guarantee of future volatility. Volatility is the term used to describe the magnitude and frequency of the changes in a security's value over a given time period. A higher volatility means that a security's value can potentially be spread out over a larger range of values. This means that the price of the security can change dramatically over a short time period in either direction. A lower volatility means that a security's value does not fluctuate dramatically, but changes in value at a steady pace over a period of time
6 INVESTMENT STRATEGY SUPPORTING A PURCHASE OF THE NOTE SECURITIES NBC Barrier Booster Note Securities (Maturity-Monitored Barrier) You should consider a purchase of the Note Securities rather than alternative investments (including a direct purchase of the Reference Asset or exposure to it) if you expect that: the Reference Portfolio Return will be equal to or higher than the Booster Threshold on the Valuation Date, and if the Participation Factor is less than 100%, not higher than the Booster Return; or in a negative Reference Portfolio Return scenario as of the Valuation Date, the Reference Portfolio Return will be equal to or higher than the Barrier. If your expectations of the Reference Portfolio Return differ from these, you should consider alternative investments rather than an investment in the Note Securities. SUITABILITY OF THE NOTE SECURITIES FOR INVESTORS NBC Barrier Booster Note Securities (Maturity-Monitored Barrier) The Note Securities are not suitable for all investors. In determining whether the Note Securities are a suitable investment for you please consider that: (iii) (iv) (v) the Note Securities provide no protection for your original principal investment and if the Reference Portfolio Return is lower than the Booster Threshold and the Barrier on the Valuation Date, you will receive an amount which is less than your original principal investment at maturity; any positive Reference Portfolio Return on the Valuation Date in excess of the Booster Return will be multiplied by a Participation Factor which will result in a Holder receiving less than 100% of such excess positive Reference Portfolio Return if the Participation Factor is less than 100%; your investment strategy should be consistent with the investment features of the Note Securities; your investment time horizon should correspond with the term of the Note Securities; and your investment will be subject to the risk factors summarized in the section Risk Factors in the Prospectus Supplement and the Prospectus. USE OF THE REFERENCE ASSET EURO STOXX 50 Index STOXX Limited, Deutsche Börse Group and their licensors, research partners or data providers have no relationship to the Bank, other than the licensing of the EURO STOXX 50 Index and the related trademarks for use in connection with the Note Securities. STOXX, Deutsche Börse Group and their licensors, research partners or data providers do not: - Sponsor, endorse, sell or promote the Note Securities. - Recommend that any person invest in the Note Securities or any other securities. - Have any responsibility or liability for or make any decisions about the timing, amount or pricing of Note Securities
7 - Have any responsibility or liability for the administration, management or marketing of the Note Securities. - Consider the needs of the Note Securities or the owners of the Note Securities in determining, composing or calculating the EURO STOXX 50 Index or have any obligation to do so. STOXX, Deutsche Börse Group and their licensors, research partners or data providers give no warranty, and exclude any liability (whether in negligence or otherwise), in connection with the Note Securities or their performance. STOXX does not assume any contractual relationship with the purchasers of the Note Securities or any other third parties. Specifically, - STOXX, Deutsche Börse Group and their licensors, research partners or data providers do not give any warranty, express or implied, and exclude any liability about: - The results to be obtained by the Note Securities, the owner of the Note Securities or any other person in connection with the use of the EURO STOXX 50 Index and the data included in the EURO STOXX 50 Index; - The accuracy, timeliness, and completeness of the EURO STOXX 50 Index and its data; - The merchantability and the fitness for a particular purpose or use of the EURO STOXX 50 Index and its data; - The performance of the Note Securities generally. - STOXX, Deutsche Börse Group and their licensors, research partners or data providers give no warranty and exclude any liability, for any errors, omissions or interruptions in the EURO STOXX 50 Index or its data; - Under no circumstances will STOXX, Deutsche Börse Group and their licensors, research partners or data providers be liable (whether in negligence or otherwise) for any lost profits or indirect, punitive, special or consequential damages or losses, arising as a result of such errors, omissions or interruptions in the EURO STOXX 50 Index or its data or generally in relation to the Note Securities, even in circumstances where STOXX, Deutsche Börse Group and their licensors, research partners or data providers are aware that such loss or damage may occur. The licensing agreement between the Bank and STOXX is solely for their benefit and not for the benefit of the owners of the Note Securities or any other third parties. Prospective investors should independently investigate the Reference Asset and decide whether an investment in the Note Securities is appropriate
8 DOCUMENTS INCORPORATED BY REFERENCE In addition to this Pricing Supplement, the following documents are specifically incorporated by reference into, and form an integral part of, the Prospectus as of the date of this Pricing Supplement: the Audited Consolidated Financial Statements for the year ended October 31, 2018, which include comparative consolidated financial statements of the Bank for the year ended October 31, 2017, together with the Independent Auditor s Report thereon; the Management s Discussion and Analysis for the year ended October 31, 2018, as contained in the Bank s 2018 Annual Report; (iii) the Bank s Annual Information Form dated December 4, 2018; (iv) (v) the unaudited interim condensed consolidated financial statements of the Bank for the first quarter ended January 31, 2019, which include comparative unaudited interim condensed consolidated financial statements of the Bank for the first quarter ended January 31, 2018, together with the Management s Discussion and Analysis as contained in the Bank s Report to Shareholders for the First Quarter 2019; and the Management Proxy Circular dated March 1, 2019 in connection with the Bank s annual meeting of shareholders to be held on April 24, MARKETING MATERIALS Any template version of marketing materials (as defined in National Instrument General Prospectus Requirements) filed with the securities regulatory authorities in each of the provinces of Canada in connection with this offering after the date or filing hereof but prior to the termination of the distribution of the Note Securities under this Pricing Supplement (including any amendments to, or an amended version of, the marketing materials) is deemed to be incorporated by reference herein. Any such marketing materials are not part of this Pricing Supplement to the extent that the contents of the marketing materials have been modified or superseded by a statement contained in an amendment to this Pricing Supplement
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